Washington-The US Energy Information Administration on Tuesday raised its 2015 forecast for the Brent-WTI spread to $7.35/barrel, up from its estimate of $2.54/b in February, due largely to record crude oil inventories in the US. “US commercial crude oil inventories, which are already at the highest level since 1930, are expected to continue growing over the next two months,” EIA Administrator Adam Siemin- ski said in a statement following the release of his agency’s Short-Term Energy Outlook. “The increase in oil inventories is expected to moderate as refineries ramp up their processing of crude oil into petroleum products in the second quarter and domestic oil production slows.”
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